On December 1st, the U.S. House released a report from a two-year investigation that many are calling a game-changer in the ongoing discussion about the origins of COVID-19 and that one WarRoom guest said exposed those who helped hide details of the Chinese Communist Party’s involvement in the deadly worldwide pandemic.
First Financial Fraud
The report from the Select Subcommittee on the Coronavirus Crisis, led by Rep. James Clyburn, exposes widespread fraud in the Paycheck Protection Program (PPP), facilitated by financial technology companies (fintechs). The investigation targeted firms like Kabbage, Blueacorn, and Womply, and their partner banks, revealing systemic failures to prevent fraud while profiting from taxpayer-funded administration fees.
Chairman Clyburn criticized fintechs for neglecting fraud prevention, stating: “Even as these companies failed in their administration of the program, they nonetheless accrued massive profits.” For example, Blueacorn earned over $1 billion in fees, spending less than 1% on fraud prevention. Its founders reportedly prioritized high-dollar “VIPPP” loans, neglected proper vetting, and allegedly enriched themselves with fraudulent PPP loans.
Similarly, Womply generated $2 billion in profits despite inadequate fraud screening, with its systems described as “put together with duct tape and gum.” Womply’s CEO, previously convicted of insider trading, resisted federal fraud investigations and allegedly misused sensitive borrower data.
The report highlights how fintechs deflected blame, attributing fraud to Trump administration policies. Emails revealed attitudes like “the SBA’s shitty rules created fraud, not [us],” and efforts to evade accountability. […]
— Read More: warroom.org
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